How Funds View and Vote on Shareholder Proposals – Briefing: Governance

Ning Chiu of Davis Polk has some useful data on proxy advisors and fund votes, supporting the conclusion that clients appreciate the analysis of proxy advisory firms but make their own decisions about shareholder proposals: Funds must vote their proxies on behalf of 100 million shareholders in the aggregate and vote based on a range…

ProxyInsight Repudiates Report Claiming Undue Influence of Proxy Advisors

The CEOs behind the fake dark money front groups Main Street Investor Coalition and American Council on Capital Formation have produced a bogus study purporting to show “robo-votes” by professional money managers, alleging they blindly follow the recommendations of proxy advisory firms. Now, in an extraordinary statement, the provider of the data used for the…

Minerva Analytics: Comment on SEC Proxy Roundtable

From Minerva Analytics’ comment to the SEC for the Proxy Roundtable (link to the full comment below): We note the activities of the immensely vocal, but narrow, anti-ESG and governance lobby which continues to ignore and disrespect the beliefs and preferences of capital providers. Investors use governance research and vote execution services to legitimately help…

ISS Comment Letter to the SEC on the Proxy Process

ISS has filed its comment letter for the Proxy Roundtable with the SEC. Some highlights: They respond to those who claim that proxy advisors are not regulated and those who claim they control the proxy voting decisions of their clients: “As a registered investment adviser, we have a fiduciary obligation to our clients to provide…